MIRA
INFORM REPORT
|
Report Date : |
26.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHAITYA |
|
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|
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Registered
Office : |
CC-2082, Bharat Diamond Bourse C Tower, Bandra-Kurla Complex, Bandra
(East), Mumbai – 400051, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.11.1990 |
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Capital
Investment / Paid-up Capital : |
Rs. 345.453 Millions |
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PAN No.: |
AAAFC1045P |
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IEC No.: |
0390028991 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business
: |
Processor and Trader of Diamond. |
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No. of Employees
: |
130 (Approximately) [In Office 29+ In Factory 100+ In Branch 01] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established partnership concern having Moderate track
record. Mr. Harikesh Gupta (Finance Manager) has provided us with all
information. The rating takes into consideration the CPD (Cut and Polished Diamond)
industry is highly competitive due to fragmented nature of the industry
marked by large presence of unorganized players. However, Trade relations are fair. Business is active. Payment terms
are slow but correct. The concern can be considered for the business dealings with some
caution. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs arm
that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based limits = BB |
|
Rating Explanation |
Have moderate risk of default |
|
Date |
July 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term fund based limits = A4 |
|
Rating Explanation |
Have minimal degree of safety and carry very high credit risk. |
|
Date |
July 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Harikesh Gupta |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-40965500 |
|
Date : |
26.11.2014 |
LOCATIONS
|
Registered Office : |
CC-2082, Bharat Diamond Bourse C Tower, Bandra-Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-40965500/ 40965501 |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Area : |
1600 sq. ft. |
|
Location : |
Owned |
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Factory : |
30/302, Ashapur Complex, Godaralawadi, |
|
Location : |
Leased |
PARTNERS
|
Name : |
Mrs. Seema Shah |
|
Designation : |
Partner |
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|
Name : |
Ms. Tanya Shah |
|
Designation : |
Partner |
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|
|
Name : |
Mr. Rajesh Shah |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Harikesh |
|
Designation : |
Finance Manager |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Diamond. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· Hong Kong · US · UAE · Dubai · Israel · Belgium |
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Imports : |
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Products : |
Ruff Diamond |
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Countries : |
Belgium |
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Terms : |
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Selling : |
Credit (30-60 days) |
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Purchasing : |
L/C and Cash, Credit (30-60 days) |
GENERAL INFORMATION
|
Suppliers : |
· Shany Diamond · Soradiam N.V. · Paras Gems |
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Customers : |
Wholesaler and Retailers · Rosy Blue BVBA · Excellent Facets Inc. · Next Global Limited |
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No. of Employees : |
130 (Approximately) [In Office 29+ In Factory 100+ In Branch 01] |
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Bankers : |
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Facilities : |
Not Divulged |
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Banking
Relations : |
-- |
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|
Auditors : |
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|
Name : |
Sampat Mehta and Associates Chartered Accountants |
|
Address : |
Opera House, Charni Road, Mumbai, Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Sister Concern : |
·
The Next Diamond Company ·
The Next Securities |
CAPITAL STRUCTURE
(AS ON 31.03.2014)
|
Capital Investment : |
|
|
Owned : |
Rs.345.453 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.345.453 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Partner's Capital |
345.453 |
295.160 |
216.420 |
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH |
345.453 |
295.160 |
216.420 |
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
593.595 |
401.321 |
194.645 |
|
2] Unsecured Loans |
4.138 |
12.438 |
3.000 |
|
TOTAL
BORROWING |
597.733 |
413.759 |
197.645 |
|
|
|
|
|
|
DEFERRED TAX LIABILITIES |
1.130 |
0.580 |
0.000 |
|
|
|
|
|
|
TOTAL |
944.316 |
709.499 |
414.065 |
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|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
47.686 |
37.546 |
35.926 |
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.233 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
882.051 |
816.830 |
473.611 |
|
Sundry Debtors |
752.909 |
509.092 |
364.478 |
|
Cash & Bank Balances |
0.226 |
6.808 |
4.739 |
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
Loans & Advances and Deposits |
9.418 |
10.966 |
17.429 |
|
Total
Current Assets |
1644.604 |
1343.696 |
860.257 |
|
|
|
|
|
|
Less :
CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
Sundry Creditors |
747.974 |
671.743 |
482.351 |
|
Other Current Liabilities / Duty and Taxes |
0.000 |
0.000 |
0.000 |
|
Provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities |
747.974 |
671.743 |
482.351 |
|
|
|
|
|
|
Net
Current Assets |
896.630 |
671.953 |
377.906 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
944.316 |
709.499 |
414.065 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3043.945 |
2060.295 |
1598.323 |
|
|
|
Other Income |
2.299 |
17.927 |
29.144 |
|
|
|
TOTAL |
3046.244 |
2078.222 |
1627.467 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
2728.251 |
1934.777 |
1486.568 |
|
|
|
Labour Charges |
123.966 |
48.098 |
57.380 |
|
|
|
Import Duty |
1.391 |
1.507 |
0.000 |
|
|
|
Bank Charges |
9.860 |
6.930 |
6.284 |
|
|
|
Bank Interest |
36.215 |
15.173 |
14.606 |
|
|
|
Export Freight |
1.964 |
1.801 |
1.368 |
|
|
|
Brokerage Expenses |
2.867 |
2.056 |
2.636 |
|
|
|
Keyman Insurance Premium |
0.617 |
4.852 |
1.662 |
|
|
|
Foreign Travelling Expenses |
3.054 |
1.842 |
1.737 |
|
|
|
Society Maintenance |
0.649 |
0.829 |
0.762 |
|
|
|
Salary and Allowance |
4.088 |
3.703 |
3.823 |
|
|
|
Provident Fund |
0.191 |
0.192 |
0.168 |
|
|
|
Audit Fees |
2.576 |
0.393 |
0.320 |
|
|
|
Diamond Grading Charges |
15.884 |
16.454 |
11.362 |
|
|
|
Other Expenses |
84.284 |
18.442 |
17.414
|
|
|
|
TOTAL |
3015.857 |
2057.049 |
1606.090 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
30.387 |
27.173 |
21.377 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.576 |
1.856 |
0.312 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
27.811 |
25.317 |
21.065 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.91 |
0.94 |
1.32 |
|
|
|
|
|
|
|
Operating Profit Margins
(PBTIT / Sales) |
(%) |
1.00 |
1.03 |
1.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.64 |
1.40 |
2.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.07 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt
/Networth) |
|
1.73 |
1.40 |
0.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20 |
2.00 |
1.78 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
216.420 |
295.160 |
345.453 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Net
worth |
216.420 |
295.160 |
345.453 |
|
|
|
|
|
|
Secured Loans |
194.645 |
401.321 |
593.595 |
|
Unsecured Loans |
3.000 |
12.438 |
4.138 |
|
Total
borrowings |
197.645 |
413.759 |
597.733 |
|
Debt/Equity
ratio |
0.913 |
1.402 |
1.730 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1598.323 |
2060.295 |
3043.945 |
|
|
|
28.904 |
47.743 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1598.323 |
2060.295 |
3043.945 |
|
Profit |
21.065 |
19.317 |
27.811 |
|
|
1.32% |
0.94% |
0.91% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes
/ No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
TRADE REFERENCE:
· Rosy Blue India Private Limited
· Dhanera Diamonds
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem and Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28% in February 2013.
Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India
exported $ 1.84 billion worth of polished diamonds in February 2013. A senior
executive of GJEPC said, “Export of cut and polished diamonds started falling
month-wise after the imposition of 2 % of import duty on the polished diamonds.
But February, 2013 has given a new ray of hope to the industry as the export of
polished diamonds has actually increased by 28%. It means the industry is on
the track of recovery and round tripping of diamonds has stopped completely.”
Demand has started coming from the US, the UK, Japan and China. India’s
polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
|
1 |
Rs.97.12 |
|
Euro |
1 |
Rs.76.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.